- (Topic 2)
A financial institution is interested in leveraging analytics to address a recent surge in credit card fraud. The company has decided to invest in streaming analytics to obtain instant access to real-time data to stop fraudulent behavior before it occurs. Which practice will help the financial institution integrate the data as it is collected?
Correct Answer:D
Data architecture is the practice of designing and implementing the structures, models, standards, and processes that enable data integration, storage, and consumption. Data architecture is essential for streaming analytics, as it defines how data is collected, processed, and delivered in real time from multiple sources. Data architecture helps the financial institution integrate the data as it is collected by ensuring data compatibility, consistency, and quality across the streaming pipeline. Data architecture also supports data security, scalability, and performance for streaming analytics. References:
✑ Certification in Business Data Analytics (IIBA ® - CBDA), IIBA, accessed on January 20, 2024.
✑ Business Data Analytics Certification - CBDA Competencies | IIBA®, IIBA, accessed on January 20, 2024.
✑ Guide to Business Data Analytics, IIBA, 2020, p. 17-18.
✑ What is Streaming Analytics? | Google Cloud, Google Cloud, accessed on January 20, 2024.
✑ What is Data Integration? | IBM, IBM, accessed on January 20, 2024.
- (Topic 1)
While sourcing data, an analyst runs into a situation where different business units are usingdifferent names to refer to the same data element. This lack of standardization is resulting in confusion and additional time required to properly prepare data for analysis. Which practice, if implemented would address this situation and mature the organization's business analytics practice?
Correct Answer:D
Meta data management is the practice that, if implemented, would address the situation and mature the organization??s business analytics practice, because it is a technique that involves defining, documenting, and maintaining the information about the data elements, such as their names, definitions, formats, sources, and relationships. Meta data management can help the analyst resolve the inconsistencies and ambiguities in the data element names, and ensure that the data is standardized, consistent, and understandable across different business units. Meta data management can also help the analyst improve the data quality, accessibility, and usability for the analysis. References:
•Business Analysis Certification in Data Analytics, CBDA | IIBA®, CBDA Competencies, Domain 2: Source Data
•Guide to Business Data Analytics - Iiba - Google Books, page 14
•Business Data Analytics (IIBA®-CBDA Exam preparation) | Udemy, Section 2: Source Data, Lecture 8: Meta Data Management
- (Topic 1)
A large telecommunications company wants to increase their Average Revenue Per User per month by 5%, by end of year, to increase revenue in a highly competitive market. From a SMART target perspective, what is missing?
Correct Answer:D
A SMART target is one that is specific, measurable, achievable, relevant, and time-bound1. The target of increasing the Average Revenue Per User (ARPU) per month by 5%, by end of year, to increase revenue in a highly competitive market is missing the specificity criterion, as it does not mention which product group or line the target applies to. The target should be more specific and clear about the scope and context of the desired outcome, such as which segment, region, or service the target relates to23. References: 1: Guide to Business Data Analytics, IIBA, 2020, p. 192: SMART Goals: How to Make Your Goals Achievable, MindTools, 2021, 13: How to Set SMART Marketing Goals, CoSchedule, 2021, 2.
- (Topic 1)
An insurance company has seen an upward trend in winter-related accidents over the past three years. The company has just completed an analytics study to better understand the primary reasons for these accidents and assess how many of the drivers were using winter tires. This analysis will help the company decide how to move forward with drivers not taking precautionary measures during winter. What type of analysis will help in determining the primary reasons and percentage of those drivers with winter tires?
Correct Answer:D
Descriptive analytics is a type of analytics that summarizes and visualizes the data to provide an overview of what has happened or is happening, such as the trend of winter- related accidents over the past three years, or the percentage of drivers using winter tires12. Diagnostic analytics is a type of analytics that explores and analyzes the data to understand why something has happened or is happening, such as the primary reasons for these accidents, or the factors that influence the drivers?? decisions13. To answer the question, both descriptive and diagnostic analytics would be needed to provide the relevant information and insights for the company. References: 1: Guide to Business Data Analytics, IIBA, 2020, p. 182: Business Analytics: Data Analysis & Decision Making, S. Christian Albright and Wayne L. Winston, 2015, p. 53: Data Science for Business, Foster Provost and Tom Fawcett, 2013, p. 13.
- (Topic 1)
The outcome from an analytics initiative has resulted in key stakeholders wanting to move forward with a project to redesign the company's website. The business analyst has called a meeting to work on drafting a plan to assess the level of effort required to complete this work. Many of the invited participants redesigned the website before and were invited so they could provide estimates using their knowledge and experience from the past. The business analyst is using which method to estimate this work?
Correct Answer:D
The business analyst is using the rough order of magnitude method to estimate this work. This method is based on expert opinion or experience from past projects, and it provides a quick and approximate estimate of the cost, time, or effort required for a project or a task. This method is useful when there is limited information or data available, or when a high- level estimate is needed for planning or budgeting purposes. However, this method also has a high degree of uncertainty and variability, and it should be refined as more details become available12 References: 1: Project Estimation Techniques Business Analysts Should Know About 2: Estimation techniques for business analysts – The Functional BA